Italy reserves $ 46 million for companies to conduct blockchain surveys
- Italy announces a decree devoting $ 46 million to companies seeking to build subsidiaries and blockchain research.
- Initiatives regarding IoT, AI and any blockchain will be considered for funding.
- Studies show that Italy is among the countries with high crypto-adoption rates.
In its latest decree, Italy has allocated $ 46 million to companies aiming to establish subsidiaries to conduct blockchain research. The law was to be implemented from 21 September 2022. The companies can apply for it either in collaboration or individually.
Giancarlo Giorgetti, Italy’s Minister of Economic Development, shared that the purpose of the initiative is to support the company’s investment in innovative technologies. This paves the way for the modernization of production systems.
Giorgetti says that the challenges of competitiveness motivate the manufacturing industry to constantly innovate and seize the potential of new technologies.
Initiatives for any blockchain, AI and IoT application on production systems, agriculture, environment, tourism, information security, tourism and aerospace will be eligible to receive funding.
Italy may not be at the forefront of embracing cryptocurrencies. However, it certainly has a high adoption rate there.
The results of a poll conducted among 27 countries, Italy is number 10 in terms of the highest crypto adoption. The popular coins in the country include Bitcoin, Ethereum, Ripple and Bitcoin Cash.
On the other hand, a Chainalysis report shows that Italy is in the seventh position when it comes to crypto-adoption, after the United Kingdom and Germany.
Consob, the country’s market watchdog, is responsible for regulating cryptocurrencies. Consob revealed that more than 4,000 cryptocurrencies were in circulation, and the government must implement measures to reduce the risk in June 2021. Consob has not issued any announcement regarding crypto legislation since then.
At the beginning of 2022, however, all suppliers of digital assets were required to act in accordance with the AML rules. The country even blocked Binance from Italy. But looking at the high crypto adoption among Italians, Binance re-entered the market under the new legislation.
Banca Generali, the largest private bank in Italy, declared in January 2022 that its private customers could buy and hold Bitcoin until the end of 2022. The bank even began the technical integrations, but the announcement of the launch has not yet been announced.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while graduating. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge of blockchain helps him provide a unique perspective to his writing
